S. The start-up firm you founded is trying to save $10,000 in order to buy a parcel of land for a proposed small warehouse expansion. In order to do so, your finance manager is authorized to make deposits of $1250 per year into the company account that is paying 12% annual interest. The last deposit will be less than $1250 if less is needed to reach $10,000. How many years will it take to reach the $10,000 goal and how large will the last deposit be? (18/18).
HINT: Use the FV function in Excel. The first payment is made at the beginning of the period. Is this an annuity or an annuity due? What is the type in Excel?